How do I see my Experian Fair Isaac Version 2 score?

Hey everyone, I'm going to post this one here, hoping that I can get more information than came my way on the Student Loans forum.

My question is, "How can I see my Experian Fair Isaac v2 score, and how can I anticipate what it will look like with specific changes?"

I'm getting ready to commit to a large investment in my education, taking on debt to get going in the first year, and continuing to take loans for the following years. I'm an older student and have secured a private line of credit without a cosigner. I'm currently approved and everything is in place to start next month. However, while the line of credit has been approved for far more than I will need throughout my education, I recently learned that there is a credit pull each year, and in essence, I have to requalify in order to make a draw request for the following year. This year was not a problem as I have decent credit and my score was above their requirement, however next year I will have quite a lot more debt on my credit report, in the form of student loans that will be taken out this year (which will be in the "full deferral" option for repayment). I also have some consumer debt (credit cards maxed to the tune of $12k, with an excellent payment history) and cash on hand of about half that. I have talked to the credit servicer (Student Choice) and they have told me that if my score, which is pulled from Experian and uses the Fair Isaac Version 2 metric, comes back below 660, I will be denied further funding.

Given that I don't have the option of a cosigner, and that I will be heavily invested after the first year, I need to be able to anticipate where I'll be next year.

Re: How do I see my Experian Fair Isaac Version 2 score?

I doubt it. Usually if you app for something and get declined or don't get the best rates the lender is required to send a disclosure with the FICO score that they pulled to make their decision. Otherwise, its not common to give this out. You could try though. If you can't get in to PSECU, I would just pull the EX08 score from here and use it as a ballpark figure. Not perfect when what you want is EX04, but it is better than a FAKO.

Re: How do I see my Experian Fair Isaac Version 2 score?

Hey everyone, I'm going to post this one here, hoping that I can get more information than came my way on the Student Loans forum.

My question is, "How can I see my Experian Fair Isaac v2 score, and how can I anticipate what it will look like with specific changes?"

I'm getting ready to commit to a large investment in my education, taking on debt to get going in the first year, and continuing to take loans for the following years. I'm an older student and have secured a private line of credit without a cosigner. I'm currently approved and everything is in place to start next month. However, while the line of credit has been approved for far more than I will need throughout my education, I recently learned that there is a credit pull each year, and in essence, I have to requalify in order to make a draw request for the following year. This year was not a problem as I have decent credit and my score was above their requirement, however next year I will have quite a lot more debt on my credit report, in the form of student loans that will be taken out this year (which will be in the "full deferral" option for repayment). I also have some consumer debt (credit cards maxed to the tune of $12k, with an excellent payment history) and cash on hand of about half that. I have talked to the credit servicer (Student Choice) and they have told me that if my score, which is pulled from Experian and uses the Fair Isaac Version 2 metric, comes back below 660, I will be denied further funding.

Given that I don't have the option of a cosigner, and that I will be heavily invested after the first year, I need to be able to anticipate where I'll be next year.

Any suggestions?

Shinyfonts- Welcome to the Forums. Congratulations on going back to school. An investment in one's education is noble and should be applauded! The items in red (highlighted above) stuck out to me, and have not been answered as of yet. I have a couple of suggestions for you if you'd like.

You noted above that your loan has been approved for more than the cost of school. Just a couple of questions. Do you know the APR on your student loan, and your CC's? I would (IMHO) use any "overage" that the student loan provides and apply it to the paydown of your CC's, if, and only if, your student loan APR is LESS than your current APR on your CC's. For purposes of argument and my own experiences with SL's, let's just say that your SL APR is less than the APR on your CC's. Pay down your CC's. Think of it as your own personal refi. This leads into my second point.

One of the easiest ways to see a large increase in your FICO score, is to pay down your revolving debt (CC). Conversely, one of the easiest ways to see your FICO scores tank, is to "max" out your CC's (this means 90% of util). You also noted above that you have "some" consumer debt, but go on to state that your CC's are "maxed" to the tune of 12K. The term "maxed" makes me a little anxious for you. FICO likes to see CC util under or at 10% (ideally under). If you need help in calculating your util, please search for it in the Forums.

Before you start school, it may be in your best interest to budget your school year out. Doing so, will help you not leverage your CC's as much. Right now, the most important thing (IMHO) is to pay down your CC debt. I wish you nothing but the best, and congratulations once again. You should be proud of your accomplishment.

Re: How do I see my Experian Fair Isaac Version 2 score?

Jim-WI, Thanks for your thoughtful replies. In response to your congratulations, thank you. It's been, and continues to be, a real undertaking to pull everything together, and I haven't even started classes!

Regarding the possibility of using my student loans to pay down consumer debt, I see two problems: one, it's against the terms of my loan (educational expenses are the only ones allowed); and two, while the loan has been approved for a large amount, and while I'm free to make a draw request up to any amount I would like, the process ultimately involves the lender passing the request to the school for certification, and they will only certify the amount needed to make up my budget shortfall after free aid and government loans have been applied. Therefore, I'll only have access to an amount of money dictated by the school's standardized budget, which I'll need for living.

This would be a great approach for about half of my debt, if it were possible. The student loan is at 5% variable, tagged to the LIBOR. On my CCs, when I say "maxed" i mean above 90% usage. I have about $5k tied up at 9.9%, 5k at 4.25%, and 2k at 13%. My impulse is to pay off the 2k first, but I want to spread my paying off "investment" out for maximum potential as regards my score. I looked at it the other day, and I could put in $400 total and be under 90% on each card. Obviously, after that my next step would be to pay off the 2k at 13%. The reason I'm being so guarded with my cash on hand is because I want to make sure I'm established (i.e., having a job, liking the school) before I limit my options.

Getting back to the subject of predicting my score, I would like to throw out a couple other things. I know when the lender pulled my credit report and score: in late April, when I apparently scored above 660 on their FICO v2 metric, because I was approved. So I can look at where I was CC-wise at the time and get a pretty good prediction of what I need to do to. At the time, I had about $1400 less on the cards, but one of them was still maxed (the 9.9% 5k). I can easily get back to that point before they pull the score again next April, but I'm not sure if that's going to be enough. By the way, these cards are the only things I have debt on. Mainly my credit history consists of spotless payment records on credit cards and an auto loan I paid off early 15 years ago. Beyond that, it's mainly a lack of bad stuff.

The reason for my doubt is the wild card of the student loan, which will be on my report when it's pulled again. I don't know how it will affect my credit score, and I'd like to know what will happen, because going for one year only to have funding yanked would be... well, a disaster. I think I'm going to use the tools available on this website and do as someone else suggested: use the current number as a ballpark figure and fiddle with their "what if" calculator.

Speaking to your last point, yes, I have a very detailed budget, not only for what I spend while in school, but also for the borrowing and how that will affect my living budget after I've graduated. I don't know how anyone could take on this kind of responsibility without thinking it through to the finest detail, but from what I've seen, many people go into it quite blindly. Not that having my eyes open will make the payments any easier to swallow :-)

Re: How do I see my Experian Fair Isaac Version 2 score?

shinyfonts wrote:

Jim-WI, Thanks for your thoughtful replies. In response to your congratulations, thank you. It's been, and continues to be, a real undertaking to pull everything together, and I haven't even started classes!

Regarding the possibility of using my student loans to pay down consumer debt, I see two problems: one, it's against the terms of my loan (educational expenses are the only ones allowed); and two, while the loan has been approved for a large amount, and while I'm free to make a draw request up to any amount I would like, the process ultimately involves the lender passing the request to the school for certification, and they will only certify the amount needed to make up my budget shortfall after free aid and government loans have been applied. Therefore, I'll only have access to an amount of money dictated by the school's standardized budget, which I'll need for living.

This would be a great approach for about half of my debt, if it were possible. The student loan is at 5% variable, tagged to the LIBOR. On my CCs, when I say "maxed" i mean above 90% usage. I have about $5k tied up at 9.9%, 5k at 4.25%, and 2k at 13%. My impulse is to pay off the 2k first, but I want to spread my paying off "investment" out for maximum potential as regards my score. I looked at it the other day, and I could put in $400 total and be under 90% on each card. Obviously, after that my next step would be to pay off the 2k at 13%. The reason I'm being so guarded with my cash on hand is because I want to make sure I'm established (i.e., having a job, liking the school) before I limit my options.

Getting back to the subject of predicting my score, I would like to throw out a couple other things. I know when the lender pulled my credit report and score: in late April, when I apparently scored above 660 on their FICO v2 metric, because I was approved. So I can look at where I was CC-wise at the time and get a pretty good prediction of what I need to do to. At the time, I had about $1400 less on the cards, but one of them was still maxed (the 9.9% 5k). I can easily get back to that point before they pull the score again next April, but I'm not sure if that's going to be enough. By the way, these cards are the only things I have debt on. Mainly my credit history consists of spotless payment records on credit cards and an auto loan I paid off early 15 years ago. Beyond that, it's mainly a lack of bad stuff.

The reason for my doubt is the wild card of the student loan, which will be on my report when it's pulled again. I don't know how it will affect my credit score, and I'd like to know what will happen, because going for one year only to have funding yanked would be... well, a disaster. I think I'm going to use the tools available on this website and do as someone else suggested: use the current number as a ballpark figure and fiddle with their "what if" calculator.

Speaking to your last point, yes, I have a very detailed budget, not only for what I spend while in school, but also for the borrowing and how that will affect my living budget after I've graduated. I don't know how anyone could take on this kind of responsibility without thinking it through to the finest detail, but from what I've seen, many people go into it quite blindly. Not that having my eyes open will make the payments any easier to swallow :-)

I applaud your maturity and forethought, entering into this new endeavor. I was afraid that your SL loan would not be able to be applied to your CC's. My apologies in lending you a false hope in that regard. I would say again that paying off your CC's is really the best way (and seems only way) for you to get your FICO scores up. I don't quite know how the loan status on your CR will impact your score. Perhaps someone will weigh-in how it affected theirs. Without knowing if you are on a Perkins Subsidized or Un-subsidized, or if there is a deferment on your report, it is hard to say how it will impact your score. My apologies that I am not able to give you better information. Once again, best of luck to you!

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation.
Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies.
Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.